Lord Abbett & CO. LLC Lowers Holdings in Spotify Technology S.A. (NYSE:SPOT)

Lord Abbett & CO. LLC decreased its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 11.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 579,309 shares of the company's stock after selling 77,632 shares during the quarter. Spotify Technology makes up 0.8% of Lord Abbett & CO. LLC's holdings, making the stock its 24th largest holding. Lord Abbett & CO. LLC owned about 0.29% of Spotify Technology worth $259,171,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Jennison Associates LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. FMR LLC raised its stake in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group boosted its holdings in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after acquiring an additional 7,075 shares during the last quarter. GQG Partners LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $800,725,000. Finally, Geode Capital Management LLC raised its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the topic of several analyst reports. Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company lifted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Benchmark boosted their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Finally, FBN Securities assumed coverage on Spotify Technology in a research report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $596.26.

Spotify Technology Price Performance

Shares of SPOT stock traded up $15.21 during trading hours on Friday, hitting $621.16. The company had a trading volume of 2,578,076 shares, compared to its average volume of 2,093,580. Spotify Technology S.A. has a fifty-two week low of $280.37 and a fifty-two week high of $652.63. The company's fifty day moving average is $571.23 and its 200 day moving average is $508.40. The stock has a market capitalization of $127.16 billion, a PE ratio of 104.40 and a beta of 1.75.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.